I bought a condo in 2020 for $65,000, which my son lived in as his primary residence while he was in college. We sold the condo recently with a sizeable profit. I have taken a job out of town and live in a different state from my husband. Can I use the money gained from the sale to purchase a primary home for me at my new work location and avoid capital gains tax on the sale?

September 16th, 2023

I’m being audited from 2019-2022 because my CPA made a mistake. My CPA incorrectly reported my work van miles as 79,000, which has led to the audit. I need help understanding how to handle this situation.

April 24th, 2023

I am 28 years old and file in the state of Minnesota as a single person with no dependents. I took out a 401k hardship withdrawal of $21,668.72 this year, which included federal and state tax withholdings but not the 10% penalty. My total income for 2023, including the 401k withdrawal, is $100,700. I have paid $10,949 in federal taxes and $4,419 in state taxes year to date. I am unsure how the 401k withdrawal affects my tax liability and how to calculate the total amount I might owe, including the 10% penalty. Can you assist?

January 17th, 2024

If you accumulated over six figures of profit in sports betting, would you need to declare it upon filing taxes, and can professional gambling be considered a profession for tax and loan purposes?

August 17th, 2024

I have been trying to contact the IRS regarding a notice for a December 2020 tax period deficiency of $864, dated September 5, 2023, which I received on October 27th. I am the accountant for the client and we are interested in using the IRS Fresh Start program to settle this issue as soon as possible. What is the best way to reach the agent involved and resolve this matter?

January 10th, 2024